Kellogg's CEO steps down

The company's shares were marginally down at $63.03 in morning trading on Thursday.

Kellogg, like other packaged food makers, has been struggling with declining demand as consumers shift to healthier alternatives, posting lower sales for the past 11 quarters.

The company, under Bryant, launched a major restructuring plan to drive profits by cutting jobs and streamlining production.

Bryant, who has been the CEO for the past seven years, will retire as executive chairman of Kellogg's board on March 15 after which Cahillane will become chairman, the company said.

Kellogg on Thursday also reaffirmed its full-year 2017 forecast. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D'Souza)

NOW WATCH: The 5 best hidden features from the latest iPhone update